For UK private equity firms and hedge fund managers one issue will sit above all others in Brexit negotiations – if and how they can market to European investors.

The Alternative Investment Fund Managers Directive, which has been widely criticised by industry for introducing costly measures and cumbersome rules on remuneration and reporting, allows fund marketing by local managers to investors across the European Union and European Economic Arena. If the UK remains in the EEA, advisers are hopeful this would remain the same.